08/11/2018 06:01:38

BOURBON: Financial informations 3rd quarter and 9 months 2018

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Marseilles, November 8, 2018

             

BOURBON Financial information 3rd quarter and 9 months 2018

             

     Adjusted revenues for the 3rd quarter recorded a slight rise of 2.6% compared to the previous quarter (consolidated revenues up 4.1%)

                

Adjusted revenues amounted to €173.5 million (€160.2 million on a consolidated basis), reflecting the positive impact of new Subsea contracts including turnkey projects in Offshore wind, which demonstrate the ongoing transformation of business models. Business was up slightly in the 3rd quarter of 2018, following 4 consecutive quarters of decline. Average utilization rates were stable at 51.6%, compared to 52.5% in the 2nd quarter of 2018. Average daily rates held up, despite vessel overcapacity and gradual renewal of long-term contracts at persistently low "market" rates.

 

Quarter

9 months

In € millions, unless otherwise noted

Q3 2018

Q2 2018

Change

Q3 /  Q2

Q3 2017

2018

2017

Change

2018/2017

Financial performance

   

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusteda revenues

173.5

169.2

+2.6%

204.3

513.7

663.7

-22.6%

(change at constant rate)

   

+2.2%

 

 

 

-14.6%

Bourbon Marine & Logistics

87.0

89.9

-3.3%

97.7

269.3

311.0

-13.4%

Bourbon Mobility

46.3

47.1

-1.6%

51.4

141.6

165.2

-14.3%

Bourbon Subsea Services

37.9

30.2

+25.5%

52.1

95.4

176.5

-46.0%

Others

2.3

1.9

+21.6%

3.0

7.4

11.0

-33.0%

 

 

 

 

 

 

 

 

IFRS 11 impact ***

(13.4)

(15.2)

 

(11.9)

(41.9)

(51.7)

 

 

 

 

 

 

 

 

 

Consolidated revenues

160.2

153.9

+4.1%

192.4

471.7

612.1

-22.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of vessels (FTE)*

498.5

502.9

-0.9%

511.0

502.8

512.0

-1.8%

 

 

 

 

 

 

 

 

Average utilization rate (%)

51.6

52.5

-0.9 pt

53.4

52.3

53.7

-1.4 pt

 

 

 

 

 

 

 

 

Average daily rate ($/d)

7,854

7,786

+0.9%

8,668

7,947

8,897

-10.7%

 

 

 

 

 

 

 

 

* FTE: Full Time Equivalent

 

 

 

 

 

 

 

 "In this 3rd quarter of 2018, we continued to make every effort with our teams and partners to control our costs while maintaining our operational performance and revenues. More than ever before, we are adapting and transforming to remain a leader on our markets,"

declared

Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

(a) Adjusted data:

The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision-maker to manage and measure the performance of BOURBON (IFRS 8). Internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Furthermore, internal reporting

 

(and again the adjusted financial information) does not take into account

 

IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

BOURBON MARINE & LOGISTICS

 

Quarter

9 months

In € millions, unless otherwise noted

Q3 2018

Q2 2018

Change

Q3 /  Q2

Q3 2017

2018

2017

Change

2018/2017

Financial performance

   

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusteda revenues

87.0

89.9

-3.3%

97.7

269.3

311.0

-13.4%

Deepwater offshore vessels

52.4

55.0

-4.7%

59.9

164.7

197.0

-16.4%

Shallow water offshore vessels

34.6

35.0

-1.1%

37.8

104.6

114.0

-8.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of vessels (FTE)*

213.1

215.8

-1.3%

220.0

215.3

221.0

-2.6%

 

 

 

 

 

 

 

 

Average utilization rate (%)

51.0

51.6

-0.6 pt

50.2

51.6

48.1

+3.5 pts

Deepwater offshore vessels

  60.4

  63.0

-2.6 pts

  62.2

  62.5

  61.1

+1.4 pt

Shallow water offshore vessels

  44.4

  43.9

+0.5 pt

  42.1

  44.2

  39.2

+5.0 pts

 

 

 

 

 

 

 

 

Average daily rate ($/d)

10,128

10,360

-2.3%

11,082

10,465

11,843

-11.6%

Deepwater offshore vessels

12,705

12,873

-1.3%

  13,781

13,009

14,687

-11.4%

Shallow water offshore vessels

7,709

7,924

-2.8%

  8,371

8,027

8,856

-9.4%

 

 

 

 

 

 

 

 

* FTE: Full Time Equivalent

 

 

 

 

 

 

 

Bourbon Marine & Logistics recorded a decrease in revenues of 3.3% (-3.9% at constant rates) compared with the 2nd quarter, impacted by a volatile market still characterized by low prices. Renewed growth in the number of tenders observed in the 2nd quarter was borne out and Bourbon won new exploration contracts, particularly in Mexico, Nigeria, Angola and the Middle East.

Average utilization rates remained relatively stable (0.6 points lower than in the previous quarter), with the decline in deepwater offshore vessel rates linked mainly to the cancelling of 3 Bourbon Explorer charters in Angola. Other regions remained stable. It should be noted that these 3 deepwater offshore vessels were repositioned on long-term contracts in Angola and Nigeria as of November 1, 2018.

Average daily rates fell by 2.3%, reflecting downward negotiations with a national company, while also illustrating the gradual renewal of long-term contracts at market rates that remain low overall.

BOURBON MOBILITY

 

Quarter

9 months

In € millions, unless otherwise noted

Q3 2018

Q2 2018

Change

Q3 /  Q2

Q3 2017

2018

2017

Change

2018/2017

Financial performance

   

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusteda revenues

46.3

47.1

-1.6%

51.4

141.6

165.2

-14.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of vessels (FTE)*

265.4

266.8

-0.5%

269.0

267.1

269.0

-0.7%

 

 

 

 

 

 

 

 

Average utilization rate (%)

51.8

53.8

-2.0 pts

55.1

53.3

57.6

-4.3 pts

 

 

 

 

 

 

 

 

Average daily rate ($/d)

4,285

4,326

-0.9%

4,453

4,355

4,427

-1.6%

 

 

 

 

 

 

 

 

* FTE: Full Time Equivalent

 

 

 

 

 

 

 

In the 3rd quarter of 2018, Bourbon Mobility reported a 1% drop in revenues from the 2nd quarter at constant exchange rates, after an encouraging first half. Business was impacted by a two-point decline in utilization rates and continued volatility in average daily rates, which struggled to stabilize compared with the previous quarter (-0.9%). However, significant contracts have also been renewed for 2019.

The utilization rate was impacted by the end of Crew boat operations in Cameroon in June and a higher level of maintenance and repairs activity than in the previous quarter, particularly among large "crewliner" vessels (long-distance transport), which saw very intense activity in the Gulf of Guinea during the 1st half.

BOURBON SUBSEA SERVICES

 

Quarter

9 months

In € millions, unless otherwise noted

Q3 2018

Q2 2018

Change

Q3 /  Q2

Q3 2017

2018

2017

Change

2018/2017

Financial performance

   

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusteda revenues

37.9

30.2

+25.5%

52.1

95.4

176.5

-46.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of vessels (FTE)*

20.0

20.3

-1.5%

22.0

20.4

22.0

-7.3%

 

 

 

 

 

 

 

 

Average utilization rate (%)

54.3

45.4

+8.9 pts

63,4

46.4

62.2

-15.8 pts

 

 

 

 

 

 

 

 

Average daily rate ($/d)

30,321

30,571

-0.8%

34,304

32,353

36,649

-11.7%

 

 

 

 

 

 

 

 

* FTE: Full Time Equivalent

 

 

 

 

 

 

 

Bourbon Subsea Services posted a 25.5% increase in revenues compared with the 2nd quarter of 2018 (+24.2% at constant rates). This was mainly due to a rise in utilization rates of nearly 9 points and the awarding of turnkey projects, particularly in the field of floating offshore windfarms. The business benefited from renewed growth in spot maintenance work and the return to operation of shallow-water platforms during the quarter, particularly in the Gulf of Guinea.

However, average charter rates remained stable from the previous quarter, still weakened by a difficult market environment.

Bourbon Subsea Services installed the first semi-submersible floating wind turbine off the coast of Scotland this summer. This diversification will continue to pay off over the coming quarters.

OTHERS

 

Quarter

9 months

In € millions, unless otherwise noted

Q3 2018

Q2 2018

Change

Q3 /  Q2

Q3 2017

2018

2017

Change

2018/2017

Financial performance

   

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusteda revenues

2.3

1.9

+21.6%

3.0

7.4

11.0

-33.0%

 

 

 

 

 

 

 

 

Activities included are those that do not fit into either the Marine & Logistics, Mobility or Subsea Services segments. The majority of the total represents earnings from miscellaneous ship management activities.

OUTLOOK

With oil prices set to remain well above $60 a barrel, our clients are recovering leeway. This has led to acquisitions of new deepwater offshore blocks in Mexico, Brazil and Africa (Gabon, Cameroon, Guinea, etc.), as well as in the Mediterranean. However, initial investments are still mainly geared towards onshore projects, particularly shale oil and gas in the United States. Clients are currently focusing on short-term projects offering swift return on investment, but are also launching exploration campaigns to renew their reserves and thus meet growing demand.

A recovery appears to be under way, although it remains impacted by vessel overcapacity in the PSV and AHTS segments. We expect prices to remain persistently low. In this context, BOURBON is focusing its efforts on operational excellence, cash management, cost-cutting and overhauling its model by rolling out its strategic action plan #BOURBONINMOTION.

MAJOR EVENTS

As no mandatory payment event occurred during the year preceding the October 24, 2018 due date, BOURBON announced on October 16 that, in accordance with applicable terms and conditions, it would not be paying interest to holders of the Perpetual Deeply Subordinated Notes (TSSDI) issued by BOURBON Corporation - (code ISIN: FR0012239531).

Regarding its search for new financing, BOURBON confirms that its attempts to secure new financial partners in order to ensure its development and the implementation of the strategic plan #BOURBONINMOTION are moving forward diligently. The parameters of these potential new financings, in particular their amounts and structures (debt/equity instruments) are not yet determined.

In this context, and in the absence of confirmation of the general waiver renewal to date, BOURBON has announced on November 2 having obtained the opening of conciliation procedures to the benefit of 22 BOURBON Corporation subsidiaries from the president of the commercial court of Marseilles. These conciliation procedures will allow BOURBON to actively pursue, in an amicable framework, its search for all solutions for its development as well as its discussions with the main creditors and financial lessors of the group.

ADDITIONAL INFORMATION

BOURBON's results will continue to be affected by the €/US$ exchange rate.

FINANCIAL CALENDAR

2018 Full Year and 4th quarter revenues press release February 7, 2019
2018 Annual Results press release and presentation March 14, 2019
2019 First quarter financial information May 2, 2019
Combined Shareholders' Meeting June 7, 2019

APPENDIX

Quarterly revenue breakdown

In € millions

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Bourbon Marine & Logistics   87.0 89.9 92.4   100.2 97 .7 107.4 105.9

Deepwater offshore vessels

 

52.4

55.0

57.4

 

60.0

59.9

68.3

68.8

Shallow water offshore vessels

 

34.6

35.0

35.0

 

40.2

37.8

39.1

37.1

Bourbon Mobility   46.3 47.1 48.2   51.0 51.4 55.0 58.9
Subsea Services   37.9 30.2 27.2   43.6 52.1 67.8 56.6
Others   2.3 1.9 3.1   2.1 3.0 3.8 4.1

Total adjusted revenues

 

173.5

169.2

171.0

 

196.9

204.3

234.0

225.5

IFRS 11 impact*   (13.4) (15.2) (13.3)   (15.3) (11.9) (19.2) (20.6)

TOTAL CONSOLIDATED

 

160.2

153.9

157.6

 

181.6

192.4

214.7

204.9

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the fleet in operation

In %

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Bourbon Marine & Logistics   86.7 84.9 89.0   86.8 86.3 89.1 88.0

Deepwater offshore vessels

 

86.9

83.5

88.1

 

83.0

86.1

88.0

86.2

Shallow water offshore vessels

 

86.6

86.2

90.0

 

90.6

86.6

90.2

90.1

Bourbon Mobility   77.8 81.1 84.3   82.8 78.1 75.3 80.1
Subsea Services   73.9 60.9 55.7   80.6 89.6 83.3 85.2

Average utilization rate

 

81.2

81.7

84.9

 

84.3

81.8

80.6

83.0

Quarterly average utilization rates for the fleet

In %

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Bourbon Marine & Logistics   51.0 51.6 52.7   51.9 50.2 48.2 45.8

Deepwater offshore vessels

 

60.4

63.0

65.2

 

61.3

62.2

60.3

61.0

Shallow water offshore vessels

 

44.4

43.9

44.3

 

45.6

42.1

40.0

35.6

Bourbon Mobility   51.8 53.8 54.4   55.0 55.1 56.4 61.4
Subsea Services   54.3 45.4 39.0   56.7 63.4 65.7 57.5

Average utilization rate

 

51.6

52.5

53.0

 

53.7

53.4

53.3

54.5

Quarterly average daily rates for the fleet

In US$/day

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Bourbon Marine & Logistics   10,128 10,360 10,911   10,802 11,082 11,830 12,501

Deepwater offshore vessels

 

12,705

12,873

13,577

 

13,660

13,781

14,863

15,084

Shallow water offshore vessels

 

7,709

7,924

8,292

 

8,220

8,371

8,749

9,534

Bourbon Mobility   4,285 4,326 4,549   4,422 4,453 4,393 4,270
Bourbon Subsea Services   30,321 30,571 34,933   31,425 34,304 37,976 37,488

Average daily rate

 

7,854

7,786

8,179

 

8,299

8,668

9,075

8,769

Quarterly number of vessels (end of period)

In number of vessels*

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Bourbon Marine & Logistics   212 214 216   217 220 221 222

Deepwater offshore vessels

 

87

87

87

 

 

86

89

89

89

Shallow water offshore vessels

125

127

129

131

131

132

133

Bourbon Mobility 260 266 269 269 269 269 269
Bourbon Subsea Services   20 20 21   22 22 22 22

FLEET TOTAL

 

492

500

506

 

508

511

512

513

*Vessels operated by BOURBON (including vessels owned or on bareboat charter)

Nine months' average utilization rates for the fleet in operation

In %

 

9 months

 

2018

2017

Bourbon Marine & Logistics   86.5 87.7

Deepwater offshore vessels

 

85.6

86.6

Shallow water offshore vessels

 

87.5

88.9

Bourbon Mobility   80.9 77.8
Bourbon Subsea Services   64.0 85.9

Average utilization rate

 

82.4

81.7

Nine months' average utilization rates for the fleet

In %

 

9 months

 

2018

2017

Bourbon Marine & Logistics   51.6 48.1

Deepwater offshore vessels

 

62.5

61.1

Shallow water offshore vessels

 

44.2

39.2

Bourbon Mobility   53.3 57.6
Bourbon Subsea Services   46.4 62.2

Average utilization rate

 

52.3

53.7

Nine months average daily rates for the fleet

In US$/day

 

9 months

 

2018

2017

Bourbon Marine & Logistics   10,465 11,843

Deepwater offshore vessels

 

13,009

14,687

Shallow water offshore vessels

 

8,027

8,856

Bourbon Mobility   4,355 4,427
Bourbon Subsea Services   32,353 36,649

Average daily rate

 

7,947

8,897

Breakdown of revenues by geographical region

In € millions

Quarter

9 months

Q3 2018

Q2 2018

Change

Q3 2017

2018

2017

Change

Africa

90.6

89.4

+1.4%

118.9

280.0

384.3

-27.1%

Europe & Mediterranean/Middle East

40.5

36.3

+11.5%

31.1

102.9

91.5

+12.5%

Americas

22.3

24.3

-8.2%

36.0

73.5

115.4

-36.3%

Asia

20.2

19.2

+5.1%

18.3

57.3

72.6

-21.1%

In € millions

 

2018

 

2017

 

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Africa   90.6 89.4 99.9   113.4 118.9 135.3 130.1
Europe & Mediterranean / Middle East   40.5 36.3 26.2   31.6 31.1 31.6 28.8
Americas   22.3 24.3 27.0   32.3 36.0 38.3 41.3
Asia   20.2 19.2 17.9   19.7 18.3 29.0 25.3

Other key indicators

Quarterly breakdown

 

 

2018

 

2017

   

Q3

Q2

Q1

 

Q4

Q3

Q2

Q1

Average €/US$ exchange rate for the quarter (in €)   1.16 1.19 1.23   1.18 1.17 1.10 1.06
€/US$ exchange rate at closing (in €)   1.16 1.17 1.23   1.20 1.18 1.14 1.07
Average price of Brent for the quarter  (in US$/bbl)   75 75 67   61 55 51 54

Nine months' breakdown

 

 

9 months

 

 

2018

2017

Average €/US$ exchange rate for the half year (in €)   1.19 1.11
€/US$ exchange rate at closing (in €)   1.16 1.18
Average price of Brent for the half year (in US$/bbl)   72 52

About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 8,400 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

BOURBON provides three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.

In 2017, BOURBON'S revenue came to €860.6 million and the company operated a fleet of 508 vessels.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.

Contacts

BOURBON

Media relations agency

Publicis Consultants

Investor Relations, analysts, shareholders 

Vilizara Lazarova
+33 140 138 607 

investor-relations@bourbon-online.com

+33 144 824 634

vilizara.lazarova@consultants.publicis.fr

 
   

Corporate Communication

 
Christelle Loisel  
+33 491 136 732

christelle.loisel@bourbon-online.com

 
 

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